So, you want to buy an expensive sports toy?
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According to the National Marine Manufacturers Association, there are more than 17.6 million recreational boats in use right now and Americans spent nearly $33 billion on boating and related items in 2004 alone.

How can you afford your very own hole in the water?

Where there's a will -- and a credit history -- there's a way.

If you're looking for a new pleasure boat, you can generally expect to pay a minimum of $500 per foot, depending on size, features and locale. For most of us, that means financing.

Financing through a boat dealer has been both attractive and popular, according to Bill Bachman, owner of Tuppens Marine in Lake Worth, Fla.

Simple interest
Boat loans are generally simple interest loans of up to 15 years, with 10 percent down and no prepayment penalty. That means if you pay it off in three years, you only pay three years worth of interest. If your credit's not so hot, expect to pay a higher rate and more up front.

Most dealers solicit your loan from any number of marine lenders, which actually set your rate and terms. Because marine lenders are often a centralized department within major financial institutions, your dealer likely has a better relationship with them than your own bank does.

At Tuppens Marine, the higher the dollar amount of the sale, the lower the interest rate. Bachman says his rates on a boat currently start from 8 percent for buyers with good to fair credit, and up to 12 percent for buyers with poor credit.

But, Bachman also warns that buyers with so-so credit are going to have a difficult time to get a loan because boat loans are not as easy to get as car loans.

There are alternatives, however. You might prefer to take out a home equity loan through your bank, a boat loan through your credit union or, if you're feeling particularly lucky (or loan-averse), there's good old plastic.

The lease option
Or you may decide to do what many boating enthusiasts do -- lease a boat. Boat owners often lease their boats to help defray expenses.

One type of boat leasing, also referred to as "timesharing", allows you to use a boat for specified periods of time during the year; essentially, as an extended, reserved rental.

Elliott Bay Yachting, which leases 30- to 50-foot power boats in Seattle, Wash., charges its club members from $540 a month for a 40-day annual (as much as 20 days per quarter) lease allowance. You'll need to cover a one-time membership fee and a refundable security deposit.

Sure, you'll have no equity and only fond memories for your investment. But it's still a dime-to-dollar investment compared to buying the boat and paying your own moorage, maintenance and repairs.

Before you buy your own waterhole you might want to check into leasing one and make the comparison with real numbers and real boats.

Getting your feet wet
David Rodgers, salesman for Bay Marine and Sports Center in Marble Falls, Texas, says most of his motorized personal watercraft customers pay cash. But financing is still an option. Motorized personal watercraft financing is just like getting a credit card.

New personal watercraft retail between $7,000 and $12,000. Used ones cost less -- between $1,500 and $8,000. Trailers run another $795 for a single to $1,400 for a double.

Rodgers says that even with the best credit, you can expect to pay a bit of interest -- but there are plenty of promotional offers going around these days. Deals range from 7.99 percent as a promotional offer to 23 percent for two-year loans. Fixed rates for people with good credit are about 12.9 percent. Most of these deals do not require any money down.

Another financing option for personal watercraft, as well at all-terrain vehicles, motorcycles and snow mobiles, is a revolving credit card issued by an original equipment manufacturer (OEM) such as Kawasaki, Honda and Yamaha, good on all their products and accessories.

To get the best deal, Rodgers recommends looking at used models, as long as they come from reputable dealers who keep the skis maintained.

"You can also lower the price by getting a two-seater instead of a three-seater," says Rodgers. Models with less horsepower tend to cost less as well.

"The main thing you want to think about is how much power you need," says Rodgers. He says that a 120 horsepower ski will race about 50 miles per hour. Jumping up to a 155 horsepower ski will give you an extra 10 miles per hour. "Are you going to be pulling anyone behind the ski on a tube? Basically, if you have just one person on the ski, you'll need less power than if you pull someone. And get a fat boy behind you and you're really going to feel it."